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Petchems stocks post mixed results as crude slides: PCW index
HOUSTON, August 26, 2016 (PCW) –- Petchems companies’ stocks proved to be a mixed bag as crude gave up 1.85% of its value during the week, while economic indexes were relatively stable.
The midstream sector took the biggest hit with its average stock price down $1.34/share, or 4.02%, to $32.10/share. Kinder Morgan led the pack in losses with its share price losing 5.28% of its value during the week. Several analysts have changed their rating of the company’s stock to ‘Hold’ over the last few days and trading volumes have been markedly lower.
The aromatics/refinery group was next with its average stock falling 81 cents/share, or 1.38%, to $57.62/share. PBF Energy was in the lead as its shares shed 4.88%. Analysts noted PBF’s stock had fallen to critical support levels that made it technically weak. Short interest also has increased during the week, providing further bearish pressure.
Meanwhile, the vinyls sector saw its average stock price gained 53 cents/share, or 1.37%, to $39.30/share. Ply Gem took pole position as its stock rose 4.74% as several analysts upgraded their ratings.
Finally, the olefins/polyolefins group’s average stock price was up 47 cents/share, or 0.78%, to $60.94/share. Eastman Chemical’s shares rose 4.41% as the Texas Railroad Commission this week sided with the firm in a three-year old pipeline rate dispute with Westlake Chemical. – Samantha Hartke
Midstream: Enterprise Products Partners, Energy Transfer Partners. Targa Resources, Markwest Energy Partners, Sunoco Logistics, Kinder Morgan, Boardwalk Pipeline Partners and Oneok.
Olefins/Polyolefins: Dow Chemical, Dupont, Eastman Chemical, Westlake Chemical, Williams, ExxonMobil, Shell, LyondellBasell, Axiall, Occidental Petroleum.
Aromatics/Refinery: ExxonMobil, Shell, Phillips 66, Tesoro, Valero, Alon USA Energy, Chevron, Marathon Petroleum and PBF Energy.
Vinyls: Westlake, Axiall, Occidental Petroleum, Olin, Ply Gem, Armstrong World Industries, PolyOne.